redeem pay the debt and get the property back. — California Real

Foreclosures is a situation in which a homeowner is unable to make full principal and interest payments on his/her mortgage, which allows the lender to seize the property, evict the homeowner and sell the home, as specified in the mortgage agreement. One month after the homeowner misses a home loan payment, he/she is in default and will be notified by the lender. Three to six weeks after the homeowner yearns for a mortgage payment, assuming the mortgage is still delinquent, and the home owner has not composed the missed payments inside a specific grace period, the lending company will commence to foreclose. The farther behind the debtor falls, the more difficult it becomes to capture up since lenders add fees for payments that are 10 to 15 days late.

Each state has the own foreclosure laws within the notices the lender must post publicly and/or with the homeowner, the homeowner's choices for bringing the loan current and avoiding foreclosures, and the method for marketing the property. In twenty-two states – including California, Illinois, and New York : judicial foreclosure is the norm, meaning the lender must go through the courts to get authorization to foreclose by showing the borrower is delinquent.

If the foreclosure is approved, the local sheriff sales the property to the maximum bidder to attempt to recoup what the bank is due, or the bank becomes the owner and sells the house through the traditional route to recoup its loss. The entire judicial foreclosure process, from the borrower's first, missed transaction through the lender's sale for the home, usually requires 480 to 700 times, in accordance with the Mortgage Bankers Relationship of America.

The other 28 states – including Arizona, California, Georgia and Texas – mostly use non-judicial foreclosure, also referred to as the power of sale, which is commonly faster and really does not go through the courts unless the house owner sues the lender.

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